How Can Predictive Analytics Be Used to Enhance Your Marketing Campaign?

Generating a return on investment from your marketing can be tricky. No matter how much research you do, you can never be sure if a new campaign is going to succeed or not.

But with the help of predictive analytics, you can improve the chances of you creating a winning campaign right out of the gate. Thankfully, if you want to implement predictive analytics into your marketing, you’ll be happy to know that it’s not that difficult.

Keep reading to learn what predictive analytics is, how it can improve marketing efforts, and how you can get in on a piece of the action.

What Is Predictive Analytics?

Predictive analytics simply means that you use existing customer data to help you make decisions.

The data can help you make decisions within various aspects of your business. For instance, the focus of this post is marketing. But the data could also be used to help you make decisions within the customer service side of your business or even the accounting department.

In any case, how could this form of analytics be used in relation to marketing?

For one, it could help you decide which marketing channels are going to produce the best results. It could also help you decide the best kind of pricing you should adopt when advertising to new customers. It might even help you decide how you should approach the creation of copy to attract new business.

If you are a little confused, that’s okay. Keep in mind that we will touch on these factors in a bit more later on in the post.

Succeeding with Analytics

If you want to succeed with this form of analytics, there are a few things you need to take care of first.

For starters, you need to make sure you have “good” data. Analytics is heavily reliant on the data you are going to be using. If the data is no good, then nothing is going to work.

Now, maintaining a good and clean data set is not easy–especially if you do not consider yourself to be someone who is good with this sort of stuff. Because of this, it helps to have an experienced data analyst on your team.

Ideally, you want the help of a data analyst that understands marketing. Such an individual will know how to apply predictive models to your data to derive insights that can be acted upon. If you want to learn more about predictive models and how they apply to marketing, you can read more here.

Such individuals will also know the kind of data that should be collected in the first place. This is because only certain kinds of data are relevant to marketing.

You’ll also want to make sure you are using good “tools.” If you are going to make use of analytics, you need to ensure you have a suitable data management solution. This solution needs to collect and store data appropriately.

You should try to find a tool that automatically collects data from relevant sources. You’ll also want to set up certain protocols to make sure there is not duplicate data within your data sets.

Improve Conversions

One of the great things about analytics is that it can help improve conversions. That is because this kind of analytics can be used to provide a unique experience for people who are visiting your website.

In a sense, it can allow you to market to people in real-time. Using this form of analytics, you can make relevant recommendations based on how someone is using your website.

Because these recommendations are so relevant, there is an increased chance of generating a conversion. In fact, one study highlighted that conversions improved on average by 22.66% as a result of predictive analytics.

This does not just apply to how people are using your website. It can also apply to the people who are on your email list. The concept is essentially the same as what was discussed above, instead this time it is applied to an email list.

When you combine analytics with email marketing you are able to send marketing messages that are more targeted. Because the marketing is more relevant, it means that there is going to be a higher level of engagement. This often translates into improved conversions and therefore increased revenue.

Improve Your Ability to Generate Sales from Your Marketing

Analytics can also make it easier for you to generate sales, as a result of your marketing. Using analytics, you can benefit from something known as lead scoring.

Lead scoring is essentially a methodology that helps you track the likelihood of someone that is going to become a customer. If you set up marketing and analytics tools the right way, you’ll be able to learn what forms of marketing are producing leads with the highest scores.

You can do this by taking a look at past customers and the effect that the marketing had on them. If someone follows a similar path to your past customers, they’re likely going to be easy to sell to.

Are Analytics and Marketing a Perfect Match?

A lot of companies lose money with their marketing campaigns. But with predictive analytics, you should be able to turn the tables and make it easier for your campaigns to generate an ROI.

In this post, we’ve taken a look at how you can get results with this kind of analytics. You need to make sure you have a good data set. You also need to ensure you’re working with people who know how to use this data.

The way you use analytics to improve your marketing is going to vary. If you want to get the best results, make sure you are creative and sometimes unorthodox in how you apply insights from your data. That way, you will be able to uncover unique insights that’ll put you ahead of your competition.